Page 198 - Juta's Indirect Tax

s 3 SECURITIES TRANSFER TAX ADMINISTRATION ACT 26 OF 2007 s 8
3 Payments
(1) The tax referred to in—
(a) section 3 or 4 of the Securities Transfer Tax Act,
2007, which becomes payable during any month in respect of any transfer, must be paid by the member or participant to the Commissioner by the 14th day of the following month;
(b) section 5 of the Securities Transfer Tax Act, 2007, which becomes payable during a month in respect of any transfer, must be paid by the member or participant holding that security in custody or, in the case where the listed security is not held in custody by either a member or participant, through the company that issued the listed security to the Commissioner by the 14th day of the following month; and
[Para. (b) substituted by s. 49 (1) (a) of Act 61 of 2008.] (c) section 6 of the Securities Transfer Tax Act, 2007 (Act 25 of 2007), which becomes payable during a month in respect of any transfer of an unlisted security, must be paid by the company, which issued that security, to the Commissioner within two
months from the end of that month.
[Para. (c) substituted by s. 27 of Act 4 of 2008.]
(2) Any person who has the obligation in terms of section 3 of the Securities Transfer Tax Act, 2007, to pay the tax must by the date referred to in subsection (1) submit a declaration electronically, in the form and manner as the Commissioner may determine and containing the information prescribed by the Commissioner, stating the amount of tax (if any)
payable by that person.
[Sub-s. (2) substituted by s. 49 (1) (b) of Act 61 of 2008.] (3) The Commissioner may, if he or she deems it necessary, declare the person to whom a security was transferred liable for the tax payable in terms of section 3,
4, 5 or 6 of the Securities Transfer Tax Act, 2007. (4) . . .
[Sub-s. (4) deleted by s. 271 of Act 28 of 2011.]
(5) The payment of any tax, interest or penalty in respect of the transfer of a security must be made by way of an electronic payment.
4 Refunds
(1) The Commissioner must refund the amount of any overpayment of tax or of any interest or penalty properly chargeable in respect of the transfer of any security, in accordance with sections 190 and 191 of the Tax Administration Act, 2011.
[Sub-s. (1) substituted by s. 271 of Act 28 of 2011.]
(2) . . .
[Sub-s. (2) deleted by s. 271 of Act 28 of 2011.]
(3) The Commissioner must refund the amount of tax if the Commissioner is satis ed that the transfer in respect of which that tax became payable has been cancelled, or has been set aside or declared void by any court of law.
(4) . . .
[Sub-s. (4) deleted by s. 271 of Act 28 of 2011.]
5 Interest on overdue payments
If the tax is not paid in full within the period for payment prescribed by section 3, interest must be paid at the prescribed rate on the balance of such tax outstanding reckoned from the day following the last date for payment referred to in section 3 to the date of payment to the Commissioner.
6 ...
[S. 6 repealed by s. 271 of Act 28 of 2011.]
6A Penalty on default
If any tax remains unpaid after the relevant date for payment referred to in section 3 the Commissioner must, under Chapter 15 of the Tax Administration Act, 2011, impose a penalty of 10 per cent of the unpaid tax but the Commissioner may remit the penalty or any portion thereof in accordance with the provisions of Chapter 15 of the Tax Administration Act, 2011.
[S. 6A inserted by s. 36 of Act 44 of 2014 – date of commencement: 20 January 2015.]
7 ...
[S. 7 repealed by s. 271 of Act 28 of 2011.]
8 Interest on overdue payments and penalty
on default recoverable from person to whom security is transferred
(1) In the case of a listed security, a member or
participant may recover the amount of interest or penalty payable by that member or participant under the Tax Administration Act from the person—
(a) to whom a listed security is transferred; or
(b) who cancels or redeems a listed security,
to the extent that the action or inaction of that person resulted in the interest or penalty.
(2) In the case of an unlisted security, the company which issued that security may recover the amount of interest or penalty payable by that company under the Tax Administration Act from the person to whom that security was transferred, to the extent that the action or inaction of that person resulted in the interest or penalty.
[S. 8 substituted by s. 271 of Act 28 of 2011.]*
Prelex
Wording of s. 8 in force until 1 October 2012, except in so far as it relates to interest, in respect of which the wording prior to the amendment (ie the wording below) applies
8 Interest on overdue payments and penalty
on default recoverable from person to whom security is transferred
(1) In the case of a listed security, a member or
participant may recover the amount of the interest referred to in section 5, penalty on default referred to in section 6 or the penalty in the case of evasion referred to in section 7 payable by that member or participant in terms of this Act from the person—
(a) to whom a listed security is transferred; or
(b) who cancels or redeems a listed security, to the extent that the action or inaction of that person
resulted in the interest or penalty.
(2) In the case of an unlisted security, the company
which issued that security may recover the amount of the interest referred to in section 5, penalty on default referred to in section 6 or the penalty in the case of evasion referred to in section 7 payable by that company in terms of this Act from the person to whom that security was transferred, to the extent that the action or inaction of that person resulted in the interest or penalty.
* Except to the extent related to interest, in respect of which the wording prior to the amendment applies – see Prelex.
190 Juta’s IndIrect tax 2016
Pendlex
[NB: Section 5 has been repealed by s. 271 of, read with para. 175 of Schedule 1 to, Act 28 of 2011, a provision which will come into operation on a date to be proclaimed.]